股权分置改革、上市公司终极控制股东与投资者利益保护

Non-tradable Share Reform,Ultimate Controlling Right of Chinese Listed Companies and Investor Protection

世界各国公司治理状况的不同,本质上可以归因于各国法律对投资者保护的差异。终极控制股东通过持有上市公司的终极控制权可以获取控制权的私有收益,而这是不利于中小投资者利益的。我国的股权分置状态放大了控制权的私有收益,在股权分置改革完成后,在现有法律体系下,终极控制股东对投资者利益的影响依然存在。

The corporate governance is difference in difference countries, it due in the difference of law to investor protection in the world. The ultimate controlling shareholders of listed companies can gain private benefits through owning the ultimate controlling right, this is worse to investor protection. The dualistic ownership structure enlarge these private benefits, after the non-tradable share reform, the influence of ultimate controlling shareholders to investor protection is not exit.